London, Ontario has approved a record 10,398 new housing units this year, nearly double last year's total. However, the actual construction has not kept pace with the city's growing needs, with a goal of 47,000 homes by 2031 still far off. Factors such as high interest rates and rising material costs are hindering new developments. Despite a 228% increase in building permits, construction...
Market Update
Top renters' hotspots in Ontario are Greater Sudbury, Whitby, North Bay, Guelph, Ottawa, Niagara Falls, Kitchener, Welland, St. Catharines, and Chatham-Kent.Whitby leads with: - Quality-of-life score: 23.35 - Life satisfaction: 95.5% - Perceived life stress: 17.4% - Crime severity index: 44.1...
Southern Ontario's real estate market is experiencing skyrocketing inventories and stagnant property sales. Detached home prices in the Greater Toronto Area (GTA) increased by over 5% since January 2024....
City council has approved 10,398 new housing units this year, significantly more than the 2,251 building permits issued and just 1,028 units that have started construction. Mayor Josh Morgan emphasizes the need for actual housing rather than just approvals, as the city aims for 47,000 new units by 2031. Delays in the Site Plan Approval process and financial challenges are hindering progress. Both Morgan...
GTA Housing in Early-Q3: - Sales: increased by 3.3% yearly - New listings: increased by 18.5% - Active listings: rose by 55.4% - Avg price: drop 1% to $1,106,617 York Region had the highest average home price in the GTA at $1,305,476....
The federal government has allocated over $96 million for building and repairing affordable housing in southern Ontario, with nearly $25 million designated for Kitchener, Waterloo, Cambridge, and Wellington County. A project at 82 Wilson Avenue in Kitchener will receive $2.4 million to create 48 homes for low-income residents. The initiative aims to produce 7,685 affordable units, but some local leaders...
Home sales in the Greater Toronto Area rose in July, with 5,391 transactions, a 3.3% increase from July 2023. New listings surged by 18.5% to 16,296. The average selling price decreased slightly to $1,106,617. The Toronto Regional Real Estate Board noted that recent Bank of Canada rate cuts may positively impact sales, as buyers benefit from lower mortgage payments. While prices are expected to remain...
Home sales softened in most northeastern Ontario cities in Late-Q2.Sudbury and Sault Ste. Marie saw record-high average sale prices in Late-Q2....
Condos in cities like Toronto are popular for their convenience and affordability compared to houses. Median house prices in Toronto are ~$1.3M, while condos average ~$672K, offering a cheaper entry point....
Mississauga had the highest property tax rate increase at 7.39%, followed by Toronto at 7.36% and Scugog at 6.78%. Despite rate increases, Mississauga’s taxes ($9,466) are lower than Pickering ($12,239) and Whitby ($12,629) with similar home prices....